The phenomenon where a single word is associated with two or several related meanings is known as
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Semantic satiation. Semantic satiation (also semantic saturation) is a psychological phenomenon in which repetition causes a word or phrase to temporarily lose meaning for the listener, who then perceives the speech as repeated meaningless sounds.
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A single word is associated with two or several related meanings is known as polysemy.
Explanation:
A polysemy is a phrase or word with multiple meanings. Polysemy is the word which is derived from Greek that means “many signs”.
Polysemy is "association of one word" with two or more apparent meanings. Since the polysemy test is not a clear concept of the relatedness and it's judgement could be difficult. Because applying preceding words to new place is a natural process of language change.